Bank of America Corp DE Boosts Stake in Tutor Perini Corporation (TPC)

Bank of America Corp DE increased its position in Tutor Perini Corporation (NYSE:TPC) by 64.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 311,710 shares of the construction company’s stock after buying an additional 122,419 shares during the period. Bank of America Corp DE owned approximately 0.63% of Tutor Perini Corporation worth $9,913,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Ameritas Investment Partners Inc. bought a new stake in shares of Tutor Perini Corporation during the first quarter worth $101,000. Envestnet Asset Management Inc. boosted its stake in shares of Tutor Perini Corporation by 8.1% in the first quarter. Envestnet Asset Management Inc. now owns 4,516 shares of the construction company’s stock worth $144,000 after buying an additional 340 shares during the last quarter. Pinnacle Associates Ltd. bought a new stake in shares of Tutor Perini Corporation during the first quarter worth $205,000. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Tutor Perini Corporation during the first quarter worth $218,000. Finally, OppenheimerFunds Inc. bought a new stake in shares of Tutor Perini Corporation during the first quarter worth $310,000. Institutional investors and hedge funds own 80.72% of the company’s stock.

Shares of Tutor Perini Corporation (NYSE:TPC) opened at 28.30 on Friday. The firm has a market capitalization of $1.41 billion, a PE ratio of 15.10 and a beta of 2.44. Tutor Perini Corporation has a 52-week low of $18.05 and a 52-week high of $33.00. The company has a 50-day moving average price of $27.55 and a 200 day moving average price of $29.01.

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A number of brokerages have recently weighed in on TPC. BidaskClub upgraded Tutor Perini Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Zacks Investment Research upgraded Tutor Perini Corporation from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research report on Wednesday, July 5th. Finally, Canaccord Genuity reiterated a “buy” rating on shares of Tutor Perini Corporation in a research report on Friday, June 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Tutor Perini Corporation presently has an average rating of “Buy” and a consensus target price of $31.29.

About Tutor Perini Corporation

Tutor Perini Corporation is a construction company offering general contracting, construction management and design-build services to private customers and public agencies across the world. The Company operates through three segments: Civil, Building and Specialty Contractors. Its Civil segment specializes in public works construction and the repair, replacement and reconstruction of infrastructure across various geographic regions of the United States.